indices of mauritius stock exchange indexes
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THE STOCK EXCHANGE OF MAURITIUS
Our Mission:
The SEM is committed to becoming a World Class Stock Exchange. We will strive to position the Exchange as a service-driven and operationally excellent organisation with world-class trading and settlement capabilities, which incorporate and maintain the fundamental principles of market integrity, investor protection and efficient price discovery.
We undertake to actively pursue strategies that contribute to the growth of the capital market activities in Mauritius. In the pursuance of our mission, we endeavour to further the interests of the investing community, the business community, the government and nation, and our members, shareholders and employees.
Market indices of Mauritius:
Official Market:
Indices:
1) SEMDEX:
The SEMDEX is an index of prices of all listed shares and each stock is weighted according to its share in the total market capitalisation.
Thus, changes, in the SEMDEX are dominated by changes in the prices of shares with relatively higher market capitalisation.In its computation, the current value of SEMDEX, is expressed in relation to a base period, which is chosen as the 5th July 1989, with an index value of 100.
The index formula is as follows:
SEMDEX = Current Market Value of All Listed Shares x 100 / Base Market Value of All Listed Shares
where the market value of any class of shares is equal to the number of shares outstanding times its market price.
The base value of listed shares is adjusted to reflect new listings, rights issues and other capital restructurings.
2) SEMTRI:
The Stock Exchange of Mauritius Total Return Index (SEMTRI)
1. Background
The Stock Exchange of Mauritius (SEM) has launched a Total Return Index, the SEMTRI, whose main purpose is to provide domestic and foreign market participants an important tool for performance measurement of the local market.
Besides capturing the price movements of listed stocks, common to the already published all-share index SEMDEX, the Total Return Index, SEMTRI, incorporates the added feature of providing investors, in general, and long-term investors like pensions funds, in particular, a good measurement of total return which combines both capital gains/losses on listed stocks and gross dividends obtained on these stocks since the inception of the local stock market on July 5, 1989. Gross dividends are assumed to be re-invested in the stocks underlying the capital index, SEMDEX.
2. Methodology of calculation of SEMTRI
The methodology used for the calculation of the Total Return Index is based on the following approach.
The calculation is undertaken in two steps:
(i)The first step is to transpose the total daily announced dividend payments into index points on the ex-dividend date. This is called XD adjustment to the underlying capital index, i.e the SEMDEX.
Wheregi = announced dividend per share of the ith company
wi = the number of ordinary shares issued by the ith company
d = Divisor (base market capitalisation) of the underlying capital index, SEMDEX
In the case of Treasury shares, total dividend paid is input in the formula.
(ii) The second step of the calculation uses the figures calculated in step one (XD adjustment).These figures are included in the formula below to calculate the SEMTRI, assuming re-investment of grossdividends.
WhereSEMTRI t = Total return index value today
SEMTRI t - 1 = Total return index value yesterday
SEMDEX t – 1 = underlying capital index yesterday
SEMDEX t = underlying capital index today
XDt = XD adjustment to underlying capital index today
3. Rules for the maintenance of the SEMTRI.
The maintenance of and operational adjustments to the SEMTRI in respect of corporate events, such as new listings or delistings, rights issues, bonus issues etc will be done in accordance with the rules governing the maintenance of the underlying capital index, SEMDEX.
4. Advantages provided by SEMTRI.
SEMTRI will provide investors with the following benefits:
It constitutes a very good indicator of the performance of the overall stock market and provides a dynamic yardstick of the local stock market’s evolution overtime.
It captures the two forms of return that a stock market investment generates, namely, capital appreciation and dividend payments.
It will provide investors, in general, and long-term institutional investors, in particular, a useful benchmark to undertake cross-market and cross-instrument performance measurements.
It will enable the SEM to regularly publish the list of top performing companies in terms of capital growth and dividend payments.
Listed companies:
Symbol Company Name
BANKS & INSURANCE AND OTHER FINANCE
MCB.N0000 The Mauritius Commercial Bank Ltd
MEI.N0000 Mauritian Eagle Insurance Co. Ltd
MLC.N0000 Mauritius Leasing Co. Ltd
MUA.N0000 Mauritius Union Assurance Co. Ltd
SBM.N0000 State Bank of Mauritius Ltd
SWAN.N0000 Swan Insurance Co. Ltd
COMMERCE
CMPL.N0000 Compagnie des Magasins Populaires Ltée
HML.N0000 Harel Mallac Ltd
HWF.N0000 Innodis Ltd
IBL.N0000 Ireland Blyth Ltd
ROGE.N0000 Rogers & Co. Ltd
SHEL.N0000 Shell Mauritius Ltd
INDUSTRY
GCL.N0000 Gamma Civic Ltd
MBL.N0000 Phoenix Beverages Ltd
MCFI.N0000 Mauritius Chemical & Fertilizer Industry Ltd
MOR.N0000 Mauritius Oil Refineries Ltd
MSM.N0000 Mauritius Stationery Manufacturers Ltd
PIM.N0000 Plastic Industry (Mtius) Ltd
UBP.N0000 United Basalt Products Ltd
INVESTMENTS
BMHL.N0000 Belle Mare Holding Ltd
CAUD.N0000 Caudan Development Ltd
FINC.N0000 Fincorp Investment Ltd
GIDC.N0000 ENL Commercial Limited
MDIT.N0000 The Mauritius Development Investment Trust Co. Ltd
NITL.N0000 National Investment Trust Ltd
PAD.N0000 Promotion and Development Ltd
POL.N0000 P. O. L. I. C. Y Ltd
UTDL.N0000 United Docks Ltd
LEISURE & HOTELS
ASL.N0000 Automatic Systems Ltd
NMHL.N0000 New Mauritius Hotels Ltd
NRL.N0000 Naiade Resorts Ltd
SUN.N0000 Sun Resorts Ltd
SUGAR
HARF.N0000 Harel Freres Ltd
MTMD.N0000 Omnicane
SAVA.N0000 ENL Land Ltd
TRANSPORT
AIRM.N0000 Air Mauritius Ltd
FOREIGN
DCPL.N0000 Dale Capital Group Limited
AUTHORISED MUTUAL FUND
IPRO GROWTH FUND LTD
BOYER ALLAN INDIA FUND INC.
GLOBAL INVESTMENT OPPORTUNITIES FUND
KOTAK INVESTMENT OPPORTUNITIES FUND
COPEX DIVERSIFIED STRATEGIES PCC
GLOBAL DIVERSIFIED FUND PCC
AFRICA SUSTAINABILITY FUND
CERULEAN ( MAURITIUS ) PCC
IMARA PORTFOLIO SELECTOR PCC
GRAND TOWERS AFRICA FUND PCC
Development & Enterprise Market (DEM):
Indices:
3) DEMDEX:
Methodology for the determination of DEMEX:
1. The price index of DEM will be called DEMEX.
2. Ordinary shares of 41 companies currently quoted on the OTC Market will initially form part of the index.
3. The initial market capitalization of DEMEX will be calculated at the close of the trading session on August 4,2006 and will be determined as follows:
where i is the ordinary share of the ith company pi = closing price of the ith company on the DEM on August 4. ni = number of ordinary shares issued by the ith company. Only companies which would trade on August 4 will be included in the initial market capitalization.
4. The base market capitalization of DEMEX will be set at the initial market capitalization of DEMEX at market close on August 4.
5. DEMEX will be set at 100 at market close on August 4 and will afterwards be calculated as follows:
DEMEX = Current Market Capitalisation of all Listed ordinary shares x 100 Base Market Capitalisation of all Listed ordinary shares
6. The base market capitalization will be adjusted at market close, each time a new company from the initial universe of 41 companies is traded for the first time.
New Listing
7. In the case of the listing of the ordinary shares of a new company on the DEM after the launch, the base market capitalisation of DEMEX will be adjusted to reflect the initial market capitalization of the new listing on the day the newly admitted security is traded. The closing value of DEMEX, however, will remain unchanged following this adjustment
Corporate Actions
The base market capitalisation of DEMEX will be adjusted to reflect rights issues and other capital restructurings.
4) (DEMTRI):
The Development & Enterprise Market Total Return Index (DEMTRI)
1. Methodology of calculation of DEMTRI
The methodology used for the calculation of the Development & Enterprise Market Total Return Index, DEMTRI, is based on the following approach.
The calculation is undertaken in two steps:
(i)The first step is to transpose the total daily announced dividend payments into index points on the ex-dividend date. This is called XD adjustment to the underlying capital index, i.e the DEMEX.
Where gi = announced dividend per share of the ith company
wi = the number of ordinary shares issued by the ith company
d = Divisor (base market capitalisation) of the underlying capital index,
(ii) The second step of the calculation uses the figures calculated in step one (XD adjustment). These figures are included in the formula below to calculate the DEMTRI, assuming re-investment of gross dividends.
Where
DEMTRI t = Total return index value today
DEMTRI t - 1 = Total return index value yesterday
DEMEX t - 1 = underlying capital index yesterday
DEMEX t = underlying capital index today
XDt = XD adjustment to underlying capital index today
The DEMTRI will be equal to 100 at market close on August 4, based on the underlying capital index, the DEMEX.
2. Rules for the maintenance of the DEMTRI.
The maintenance of and operational adjustments to the DEMTRI in respect of corporate events, such as new listings or delistings, rights issues, bonus issues, etc will be done in accordance with the rules governing the maintenance of the underlying capital index, DEMEX.
Listed Companies
Symbol Company Name
BANKS & INSURANCE AND OTHER FINANCE
ANGM.I0000 ANGLO MAURITIUS ASSURANCE
COMMERCE
ABC.I0000 ABC Motors Company Limited
ACC.I0000 Associated Commercial Co Ltd
CHEM.I0000 CHEMCO
CIMO.I0000 Compagnie Immobiliere Limitee
RLM.I0000 Robert Le Maire Limited
INDUSTRY
BYCH.I0000 BYCHEMEX
FORT.I0000 Forges Tardieu Limited
GIL.I0000 Les Gaz Industriels
LFL.I0000 Livestock Feed Limited (Ordinary)
LFL.J0000 Livestock Feed Limited (Preference)
LMLC.I0000 Les Moulins de la Concorde Ltee (Ordinary)
LMLC.J0000 Les Moulins de la Concorde Ltee (Preference)
MCOS.I0000 Mauritius Cosmetics Limited
MIL.I0000 Margarine Industries Limited
MSIL.I0000 Mauritius Secondary Industries Ltd
PCCL.I0000 Paper Converting Company Limited
QBL.I0000 Quality Beverages Limited
SAIL.I0000 Soap & Allied Industries Limited
SDIA.I0000 Société de Développement Industriel et Agricole Limitée
VTAL.I0000 Vital Water Bottling Co Ltd
INVESTMENTS
ALMA.I0000 Alma Investments Company Limited
ASCE.I0000 Ascencia Limited
BRI.I0000 The Black River Investments Company Limited
CASI.I0000 Knowledge Economies Ltd
CIEL.I0000 CIEL Investment Ltd
DRIL.I0002 Deep River Investment Limited (ORD B)
ENIT.I0000 ENL Investment Limited
ENL.J0000 ENL Limited
EUDC.I0000 Excelsior United Development Companies Limited
FIDE.I0000 Forward Investment And Development Enterprises Limited
MSH.I0000 Medine Shares Holding Company Limited (Ordinary)
MSH.J0000 Medine Shares Holding Company Limited (Preference)
PHIN.I0000 Phoenix Investment Company Limited
RHT.I0000 RHT Holding Ltd
UFL.I0000 The Union Flacq Sugar Estates Company Limited
UTIN.I0000 United Investment
LEISURE & HOTELS
CHSL.I0000 Constance Hotels Services Limited
MOLI.I0000 Morning Light
SCT.I0000 Southern Cross Tourist Company Limited
TPL.I0000 Tropical Paradise Co Ltd (Ordinary)
TPL.J0000 Tropical Paradise Co Ltd (Preference)
OTHERS
COVI.I0000 Compagnie Des Villages De L’Isle De France Limitee. (COVIFRA)
FKL.I0000 CIEL Textile Ltd
HTLS.I0000 Hotelest Limited
MASC.I0000 Medical And Surgical Centre Limited
MFRE.I0000 Mauritius Freeport Development Company Ltd
SIT.I1111 SIT Land Holdings Ltd
SUGAR
CSE.I0000 Constance La Gaiete Company Limited
DRBC.I0000 Deep River-Beau Champ Limited (Ordinary)
DRBC.J0000 Deep River-Beau Champ Limited (Preference)
FUEL.I0000 Flacq United Estates Limited
MSE.I0000 Medine Sugar Estates Company Limited (Ordinary)
MSE.J0000 Medine Sugar Estates Company Limited (Preference)
UNSE.I0000 The Union Sugar Estates Co Ltd
TRANSPORT
UBS.I0000 United Bus Service Ltd
AUTHORISED MUTUAL FUND
TRIANGLE REAL ESTATE INDIA FUND